Minister of Finance Dr Mohamed Shafeeq has revealed that the Privatization and Corporatization Board (PCB) will be given full freedom to take action against government companies and bring about reforms envisioned by the incumbent administration.
In an exclusive interview with 'Mihaaru' news last week, Finance Minister Shafeeq stated that positive changes would be possible within the government's network of State-owned Enterprises (SOE) if Privatization and Corporatization Board (PCB) is empowered to be able to fulfil its responsibilities.
Minister Dr Shafeeq detailed that PCB would have the authority and power to take immediate actions if deemed necessary without any delays, based on decisions taken by SOEs and the financial records they disclose.
"In addition to PCB, we have set up a dedicated section within the Ministry of Finance to look into complaints and discrepancies flagged regarding various SOEs," said Minister Dr Shafeeq.
Minister Dr Shafeeq also touched on the austerity measures that would be coming into force next month, a necessary step to cut down bloated government spending by reforming the state's SOEs and stabilizing the economy.
He revealed that a special foreign consultant had been contracted to guide the projected reforms for SOEs and assist the state in achieving their goals.
Noting that the government would continue to publicize measures taken to strengthen SOEs, Minister Dr Shafeeq added that some SOEs might be forced to merge in order to achieve efficiency and cut down costs. He also noted that there might be areas where new companies need to be created to address immediate gaps, and assured that the government would continue to act promptly as these decisions are reached.
Recent World Bank and IMF reports also highlighted the importance of immediate reforms being brought to state owned enterprises.
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